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Thursday, August 3, 2017

How Can I Be Successful In My Business?

"Success in business requires training and discipline and hard work. But if you're not frightened by these things, the opportunities are just as great today as they ever were."  David Rockefeller

Starting a small business from scratch can be challenging even for experienced owners. Today in Social Media: 14 Things you better love before becoming an entrepreneur, by Shachar Gilad

Shachar, stated that if you're thinking about starting your own company from scratch, you must consider a few things you better love or at least learn to tolerate on a daily basis.

1. Recruiting

Building a team is key to success. Of course, you want to work with rockstars that believe in your vision, are easy to spend long days with, willing to take on risks and work hard for little pay. You are competing with other talented startups and more importantly, with big companies and their large budgets for a scarce resource. Read more...

2. Customer Support

You might be thinking "we'll outsource customer support because as CEO my time is too precious to help customers figure out how to navigate my site or retrieve their password." Think again.

The reason you will do customer support is because you will quickly discover how valuable it is for learning from your customers and their needs and about your product. There is no better way to do that than a real conversation or live chat with someone using your product. "Talk to your customers" is in startup rulebooks 101 for good reason. There's so much value in talking to customers and more importantly, listening to them. Read more...

3. Working long hours

The reality is, you must be prepared to grind five times harder than you ever have while working for someone else. My co-founder and I typically work 80+ hours a week. While we were at 500 Startups surrounded by 27 other companies, we were pleasantly surprised to find this is standard practice in Silicon Valley. The wonderful thing is if you do something you are passionate about, it doesn't feel like work, it feels like an opportunity. It's as if you are on a mission and time just flies. (How true!)

4. Making tough decisions

When was the last time you had to make an important decision? As a founder, you are constantly hitting crossroads, where it's on you to decide which road to take. This happens with product (which features to build and which not) fundraising (if and when and from whom), partnerships, business model types, pricing, which attorney to work with, who to hire and so many more. You must learn to feel comfortable making important decisions. Read more...

5. Risk

If there's one word that defines startups beside 'growth' its uncertainty. You are always at the whims of the market, your users, your runway, investors and your hustle. It's difficult to plan for the future when you don't know if the thing that currently consumes your life will be alive in eight months.

Whether you'll have growth or not next month. If that experiment you're running with the business model will pay off or bite you in the ass. Be prepared to develop thick skin and put on those blinders. Your goal is to stay focused on the mountain-top while getting over the hump right in front of you and being prepared for the one hiding behind it.

6. Learning new things

Learning is one of the most rewarding parts of being an entrepreneur. Statistically, most startups don't succeed. However, what all entrepreneurs 'win' at is a huge new basket of experience and skills. Having to wear many hats - marketing, HR, accounting, pricing, biz dev, pitching, product management and more, forces you to learn a lot in a short amount of time. Read more...

7. Dealing with contracts, legal, accounting

If hearing these words make your eyes roll to the back of your head, you're not alone. Fortunately it's easier than ever to get legal documents drafted and do accounting thanks to sites like UpCounsel, WaveAccounting, inDinero etc. Read more...

8. Adapting

One of the greatest things being an entrepreneur can do for your character is teach you to adapt - to be open to data and feedback. Being stubborn about your vision regardless of new information you learn can be a hindrance to success. You don't want to be a flip flopper, but you do want to be open to adjusting your course. Being nimble is an advantage you have compared to bigger companies. Big ships take longer to change their course. Learning to be wrong will allow you to find your way as a leader and a person.

We have chosen some of the topic that may of interest to our readers, for the complete article on "14 things you better love before becoming an entrepreneur...Click here.

We hope you find this articles useful to you and your business. We will continue to research and put together curated content for our readers. As a reminder join us in our community on Twitter and Google Plus, and please if you would like to be part of our up coming news letter, subscribe by filling out your contact information, and follow this blog. Thank you.

To your success,

Nicky





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